
[Federal Register Volume 79, Number 140 (Tuesday, July 22, 2014)]
[Notices]
[Pages 42568-42572]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2014-17154]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-72630; File No. SR-Phlx-2014-47]


Self-Regulatory Organizations; NASDAQ OMX PHLX LLC; Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change To Amend 
Section I and Section II of the Pricing Schedule

July 16, 2014.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on July 10, 2014, NASDAQ OMX PHLX LLC (``Phlx'' or ``Exchange'') filed 
with the Securities and Exchange Commission (``SEC'' or ``Commission'') 
the proposed rule change as described in Items I, II, and III below, 
which Items have been prepared by the Exchange. The Commission is 
publishing this notice to solicit comments on the proposed rule change 
from interested persons.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    The Exchange proposes to amend Section I of the Pricing Schedule 
which pertains to Rebates and Fees for Adding and Removing Liquidity in 
SPY and Section II of the Pricing Schedule which pertains to Multiply 
Listed Options fees.\3\
---------------------------------------------------------------------------

    \3\ Multiply Listed Options fees includes options overlying 
equities, ETFs, ETNs and indexes which are multiply listed.
---------------------------------------------------------------------------

    The text of the proposed rule change is available on the Exchange's 
Web site at http://nasdaqomxphlx.cchwallstreet.com/, at the principal 
office of the Exchange, and at the Commission's Public Reference Room.

II. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements 
concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
sections A, B, and C below, of the most significant aspects of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    The purpose of this filing is to amend Section I of the Exchange's 
Pricing Schedule entitled ``Rebates and Fees for Adding and Removing 
Liquidity in SPY'' to eliminate the $0.38 Customer Complex Order Rebate 
for executions in SPDR S&P 500 ETF (``SPY''), and to amend Section II 
of the Exchange's Pricing Schedule entitled ``Multiply Listed Options'' 
to: (i) amend the Firm \4\ Options Transaction Charges in Penny Pilot 
Options \5\ and non-Penny Pilot Options for electronic simple orders in 
certain symbols and (ii) amend the Monthly Market Maker Cap.
---------------------------------------------------------------------------

    \4\ The term ``Firm'' applies to any transaction that is 
identified by a member or member organization for clearing in the 
Firm range at The Options Clearing Corporation.
    \5\ The Penny Pilot was established in January 2007 and was last 
extended in May 2014. See Securities and Exchange Release No. 72245 
(May 23, 2014), 79 FR 31164 (May 30, 2014) (SR-Phlx-2014-37).
---------------------------------------------------------------------------

Rebates and Fees for Adding and Removing Liquidity in SPY
    The Exchange proposes to eliminate the Customer Complex Order 
Rebate for executions in SPY.\6\ Currently, the Exchange does not 
assess a Customer either a Fee for Adding or Removing Liquidity in 
Complex Orders in SPY options. All market participants, other than a 
Customer, are assessed a $0.10 per contract Complex Order Fee for 
Adding Liquidity in SPY options. The Exchange also assesses Complex 
Order Fees for Removing Liquidity for SPY options as follows: a 
Specialist \7\ and Market Maker \8\ are assessed a $0.40 per contract 
Complex Order Fee for Removing Liquidity and a Firm, Broker-

[[Page 42569]]

Dealer \9\ and Professional \10\ are assessed $0.50 per contract. 
Complex Order Fees for Removing Liquidity, applicable to Specialists 
and Market Makers, are decreased by $0.02 per contract when the 
Specialist or Market Maker transacts against a Customer Order directed 
to that Specialist or Market Maker for execution. In addition, the 
Exchange currently pays a Customer rebate of $0.38 per electronically-
delivered and executed contract in Complex Orders in SPY options, 
including Customer executions that occur as part of a Complex 
electronic auction. The Exchange is now proposing to eliminate this 
$0.38 per contract Customer rebate.
---------------------------------------------------------------------------

    \6\ A Complex Order is any order involving the simultaneous 
purchase and/or sale of two or more different options series in the 
same underlying security, priced at a net debit or credit based on 
the relative prices of the individual components, for the same 
account, for the purpose of executing a particular investment 
strategy. Furthermore, a Complex Order can also be a stock-option 
order, which is an order to buy or sell a stated number of units of 
an underlying stock or exchange-traded fund (``ETF'') coupled with 
the purchase or sale of options contract(s). See Exchange Rule 1080, 
Commentary .08(a)(i).
    \7\ A ``Specialist'' is an Exchange member who is registered as 
an options specialist pursuant to Rule 1020(a).
    \8\ A ``Market Maker'' includes Registered Options Traders (Rule 
1014(b)(i) and (ii)), which includes Streaming Quote Traders (see 
Rule 1014(b)(ii)(A)) and Remote Streaming Quote Traders (see Rule 
1014(b)(ii)(B)). Directed Participants are also market makers.
    \9\ The term ``Broker-Dealer'' applies to any transaction which 
is not subject to any of the other transaction fees applicable 
within a particular category.
    \10\ The term ``Professional'' means any person or entity that 
(i) is not a broker or dealer in securities, and (ii) places more 
than 390 orders in listed options per day on average during a 
calendar month for its own beneficial account(s). See Rule 
1000(b)(14).
---------------------------------------------------------------------------

Options Transaction Charges
    The Exchange proposes to reduce the Firm Options Transaction 
Charges in Penny Pilot Options and non-Penny Pilot Options for 
electronic simple orders in Apple Inc. (``AAPL''), Bank of America 
Corporation (``BAC''), iShares MSCI Emerging Markets ETF (``EEM''), 
Facebook, Inc. (``FB''), iShares China Large-Cap ETF (``FXI''), iShares 
Russell 2000 ETF (``IWM''), PowerShares QQQ Trust (``QQQ''), Twitter, 
Inc. (``TWTR''), iPath S&P 500 VIX Short-Term Futures ETF (``VXX'') and 
Financial Select Sector SPDR Fund (``XLF'') to $0.25 per contract. 
Currently, a Firm is assessed an electronic Options Transaction Charge 
for electronic simple orders in these symbols of $0.48 per contract 
(Penny Pilot Options) or $0.70 (non-Penny Pilot Options).\11\.
---------------------------------------------------------------------------

    \11\ AAPL, BAC, EEM, FB, FXI, IWM, QQQ, VXX and XLF are 
currently Penny Pilot options and TWTR is a non-Penny Pilot option. 
The $0.25 per contract pricing proposed herein is symbol-specific 
and will continue to apply to these symbols whether or not they are 
deleted from or added to the Penny Pilot.
---------------------------------------------------------------------------

    The Exchange believes that offering Firms the opportunity to lower 
the Options Transaction Charge from $0.48 to $0.25 (for Penny Pilot) 
and from $0.70 to $0.25 (for non-Penny Pilot) for electronic simple 
orders in these symbols will encourage the transaction of these types 
of orders on Phlx, thereby increasing liquidity to the benefit of all 
market participants.
Monthly Market Maker Cap
    Today, Specialists and Market Makers are subject to a ``Monthly 
Market Maker Cap'' of $550,000 for: (i) Electronic and floor Option 
Transaction Charges; (ii) QCC Transaction Fees (as defined in Exchange 
Rule 1080(o) and Floor QCC Orders, as defined in 1064(e)); and (iii) 
fees related to an order or quote that is contra to a PIXL Order or 
specifically responding to a PIXL auction. The trading activity of 
separate Specialist and Market Maker member organizations is aggregated 
in calculating the Monthly Market Maker Cap if there is Common 
Ownership between the member organizations.
    All dividend, merger, short stock interest, reversal and 
conversion, jelly roll and box spread strategy executions (as defined 
in Section II) are excluded from the Monthly Market Maker Cap. In 
addition, Specialists or Market Makers that (i) are on the contra-side 
of an electronically-delivered and executed Customer order; and (ii) 
have reached the Monthly Market Maker Cap are assessed a $0.17 per 
contract fee in symbols other than AAPL, BAC, FB, IWM and QQQ.
    The Exchange now proposes to add EEM, FXI, TWTR, VXX and XLF to the 
list of symbols to which this $0.17 per contract fee does not apply. 
The Exchange believes that assessing Specialists and Market Makers no 
fee in these symbols if they are on the contra-side of an 
electronically-delivered and executed Customer order; and have reached 
the Monthly Market Maker Cap will incentivize Specialists and Market 
Makers to offer improved bids and offers on the Exchange in these 
symbols.
2. Statutory Basis
    The Exchange believes that its proposal to amend its Pricing 
Schedule is consistent with Section 6(b) of the Act \12\ in general, 
and furthers the objectives of Section 6(b)(4) and (b)(5) of the Act 
\13\ in particular, in that it provides for the equitable allocation of 
reasonable dues, fees and other charges among members and issuers and 
other persons using any facility or system which Phlx operates or 
controls, and is not designed to permit unfair discrimination between 
customers, issuers, brokers, or dealers.
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78f(b).
    \13\ 15 U.S.C. 78f(b)(4), (5).
---------------------------------------------------------------------------

Rebates and Fees for Adding and Removing Liquidity in SPY
    The Exchange's proposal to eliminate the Customer Complex Order 
Rebate for executions in SPY is reasonable, equitable and not unfairly 
discriminatory because Customers, unlike other market participants, 
already are not assessed Fees for Adding Liquidity or Fees for Removing 
Liquidity with respect to execution of Complex Orders in SPY. No other 
market participant receives a rebate for executions of Complex Orders 
in SPY. The elimination of the rebate will apply to all Customers 
uniformly.
Options Transaction Charges
    The Exchange's proposal to reduce the Firm Options Transaction 
Charges for simple electronic orders from $0.48 per contract (in Penny 
Pilot options) and $0.70 per contract (in non-Penny Pilot options) to 
$0.25 per contract in AAPL, BAC, EEM, FB, FXI, IWM, QQQ, TWTR, VXX and 
XLF is reasonable, equitable and not unfairly discriminatory, because 
it will allow the Exchange to incentivize Firms to send electronic 
simple orders in these symbols to the Exchange and because pricing by 
symbol is a common practice on many U.S. options exchanges as a means 
to incentive order flow to be sent to an exchange for execution.\14\ 
The Exchange believes it is reasonable to use a pricing reduction to 
provide additional opportunities for members to increase their 
participation in the market. The Exchange's fees will be competitive 
with fees at other options markets. Although the Exchange will still be 
assessing Firms more than Customers (which do not pay the Option 
Transaction Charge in Penny Pilot or in non-Penny Pilot options), 
Customer order flow enhances liquidity on the Exchange for the benefit 
of all market participants and benefits all market participants by 
providing more trading opportunities, which attracts Specialists and 
Market Makers. An increase in the activity of these market participants 
in turn facilitates tighter spreads, which may cause an additional 
corresponding increase in order flow from other market participants. 
Although Firms will still be charged more for Penny Pilot options than 
Specialists and Market Makers who are charged $0.22, Specialists and 
Market Makers have obligations to the market and regulatory 
requirements, which normally do not apply to other market 
participants.\15\ They have obligations to make continuous markets, 
engage in a course of dealings reasonably calculated to contribute to 
the maintenance of a fair and orderly market, and not make bids or 
offers or enter into transactions that are inconsistent with a course 
of dealings.
---------------------------------------------------------------------------

    \14\ See, e.g., the International Securities Exchange LLC 
(``ISE'') Schedule of Fees.
    \15\ See Rule 1014 titled ``Obligations and Restrictions 
Applicable to Specialists and Registered Options Traders.''
---------------------------------------------------------------------------

    Finally, as proposed, Firms will be charged only $0.25 in these 
symbols

[[Page 42570]]

which is less than the Professional and Broker-Dealer charge of $0.48 
(for Penny Pilot options) or $0.70 (for non-Penny Pilot options). The 
Exchange believes that the proposed fee differential between Firms and 
Broker-Dealers is equitable and not unfairly discriminatory because it 
is similar to the pricing offered by another options exchange.\16\ 
Moreover, the proposed differential does not misalign pricing, in that 
Firms already benefit from certain pricing advantages that Broker-
Dealers do not also enjoy (for example, the Firm Monthly Fee Cap \17\). 
The proposed fee reduction that will apply to Firms but not to Broker-
Dealers is equitable and not unfairly discriminatory for the same 
reasons that the Firm Monthly Fee Cap which applies to Firms and not to 
Broker-Dealers is equitable and not unfairly discriminatory. The fee 
reduction proposed herein, like the Monthly Firm Fee Cap, provides an 
incentive for Firms to transact order flow on the Exchange, which order 
flow brings increased liquidity to the Exchange for the benefit of all 
Exchange participants. To the extent the purpose of the proposed Firm 
fee reduction is achieved, all the Exchange's market participants, 
including Broker-Dealers, should benefit from the improved market 
liquidity. Further, competitive forces are influencing the price 
reduction in these symbols for Firm orders.
---------------------------------------------------------------------------

    \16\ On the MIAX Options Exchange (``MIAX'') Fee Schedule, non-
member Broker-Dealers are assessed a $0.45 per contract standard 
options transaction fee and a Firm is assessed a $0.25 per contract 
standard options transaction fee.
    \17\ Firms are subject to a maximum fee of $75,000 (``Monthly 
Firm Fee Cap''). Firm Floor Option Transaction Charges and QCC 
Transaction Fees, in the aggregate, for one billing month may not 
exceed the Monthly Firm Fee Cap per member organization when such 
members are trading in their own proprietary account. All dividend, 
merger, and short stock interest strategy executions (as defined in 
Section II of the Pricing Schedule) are excluded from the Monthly 
Firm Fee Cap. Reversal and conversion, jelly roll and box spread 
strategy executions (as defined in Section II) are included in the 
Monthly Firm Fee Cap. QCC Transaction Fees are included in the 
calculation of the Monthly Firm Fee Cap. See Section II of the 
Pricing Schedule.
---------------------------------------------------------------------------

    The Exchange desires to incentivize Firms that receive reduced 
rates at other options exchanges to select Phlx as a venue by offering 
competitive pricing to these market participants. Such competitive, 
differentiated pricing exists today on other options exchanges. The 
Chicago Board of Options Exchange, Incorporated (``CBOE'') assesses a 
reduced fee to Clearing Trading Permit Holder Proprietary \18\ 
participants of $0.35 per contract for electronic Penny and Non-Penny 
Pilot options. CBOE assesses Broker-Dealers/Professionals/Non-Trading 
Permit Holder Market Makers a $0.45 per contact fee for electronic 
Penny Pilot options and a $0.60 per contract fee for electronic Non-
Penny Pilot options classes.\19\ CBOE has a differential as between 
Clearing Trading Permit Holder Proprietary participants (the equivalent 
of Firm on Phlx) and other non-Customer, non-Market Maker participants 
of $0.10 per contract in electronic Penny Pilot options and $0.25 per 
contract in Non-Penny Pilot options. Further, CBOE assesses Broker-
Dealers/Professionals/Non-Trading Permit Holder Market Makers between 
$0.35--$0.44 per contract for SPX executions (a singly listed CBOE 
proprietary product) versus the Clearing Trading Permit Holder 
Proprietary (the equivalent of Firm on Phlx) who is assessed between 
$0.25--$0.01 per contract in SPX for a maximum differential of $0.43 
per contract in a CBOE proprietary product.\20\ Phlx's differential as 
between a Firm on the one hand and other non-Customer, non-Specialist/
Market Makers on the other is not as wide as CBOE's pricing and 
moreover a competitive offering given current pricing differentials on 
other options exchange such as MIAX and CBOE.
---------------------------------------------------------------------------

    \18\ This market participant clears in the Firm range at OCC. 
See CBOE's Fees Schedule at note 11. See also Regulatory Circular 
RG13-038.
    \19\ See CBOE's Fees Schedule.
    \20\ Id.
---------------------------------------------------------------------------

    The Exchange believes there is nothing impermissible about Phlx 
offering a discount solely to Firm since this is consistent with the 
above examples and longstanding differentials between Firm, other 
broker-dealers and professionals. The options exchanges have 
differentiated between retail customers and professional customers, 
broker/dealers clearing in the ``Firm'' range at The Options Clearing 
Corp, broker/dealers registered as market makers, away market makers, 
early-adopting market makers, and many others; and the Commission has 
permitted price differentiation based on whether an order is processed 
manually versus electronically. The proposal is consistent with 
previously accepted pricing proposals accepted by the Commission.
    The Exchange believes it is equitable and not unfairly 
discriminatory to charge a Professional the same rate as a Broker-
Dealer, as it can be argued that Professionals have the same 
technological and information advantages as Broker-Dealers trading for 
their own account,\21\ and as such receive similar rates. The proposed 
differentiation as between Customers, Specialists and Market Makers and 
other Firms recognizes the differing contributions made to the 
liquidity and trading environment on the Exchange by these market 
participants.
---------------------------------------------------------------------------

    \21\ See Securities Exchange Act Release No. 66668 (March 28, 
2012), 77 FR 20090 (April 3, 2012) (SR-Phlx-2012-35) (Notice of 
Filing and Immediate Effectiveness of Proposed Rule Change Relating 
to the Equity Options Fees and Singly Listed Options Fee) at page 
20091.
---------------------------------------------------------------------------

Monthly Market Maker Cap
    The Exchange's proposal to not assess a fee to Specialists or 
Market Makers that (i) are on the contra-side of an electronically-
delivered and executed Customer order; and (ii) have reached the 
Monthly Market Maker Cap in EEM, FXI, TWTR, VXX and XLF as well as in 
AAPL, BAC, FB, IWM and QQQ is reasonable, equitable and not unfairly 
discriminatory because the Exchange desires to incentivize Specialists 
and Market Makers to transact more options in these symbols and bring 
additional liquidity to the Exchange. All market participants will 
benefit from the increased Customer liquidity brought to the Exchange. 
The Exchange today differentiates pricing by option symbols.\22\ 
Specialists and Market Makers will continue to pay the same fee of 
$0.17 per contract in Penny and Non-Penny Pilot Options, when the cap 
is satisfied, except for the symbols noted above. Specialists and 
Market Makers have burdensome quoting obligations \23\ to the market 
that do not apply to Customers, Professionals, Firms and Broker-
Dealers. Specialists and Market Makers serve an important role on the 
Exchange with regard to order interaction and they provide liquidity in 
the marketplace. Additionally, Specialists and Market Makers incur 
costs unlike other market participants including, but not limited to, 
Payment for Order Flow (``PFOF'') \24\ and other costs associated with 
market making activities, which results in a higher average cost per 
execution as compared to Firms, Broker-Dealers and Professionals. The 
proposed differentiation as between Specialists and Market Makers as 
compared to other market participants recognizes the differing 
contributions made to the trading environment on the Exchange by

[[Page 42571]]

these market participants. Customer liquidity benefits all market 
participants by providing more trading opportunities, which attract 
Specialists and Market Makers. An increase in the activity of these 
market participants in turn facilitates tighter spreads, which may 
cause an additional corresponding increase in order flow from other 
market participants. The Exchange believes that offering Specialists 
and Market Makers the opportunity to cap fees in certain highly liquid 
Penny Pilot Options is equitable and not unfairly discriminatory for 
the reasons noted above.
---------------------------------------------------------------------------

    \22\ See Section I of the Pricing Schedule which differentiates 
pricing in SPDR S&P 500 (``SPY'') options. See also Securities 
Exchange Release No. 66757 (April 6, 2012), 77 FR 22034 (April 12, 
2012) (SR-Phlx-2012-45).
    \23\ See Rule 1014 titled ``Obligations and Restrictions 
Applicable to Specialists and Registered Options Traders''.
    \24\ Specialists and Market Makers, as compared to other market 
participants, are assessed PFOF when transacting Customer electronic 
orders.
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any burden on competition not necessary or appropriate in 
furtherance of the purposes of the Act.
    The Exchange's proposal to eliminate the Customer Complex Order 
Rebate for executions in SPY will not impose an unnecessary or 
inappropriate burden on competition because all Exchange members will 
be treated uniformly with respect to the elimination of Customer 
Complex Order Rebate in SPY.
    The Exchange's proposal to reduce the Firm Options Transaction 
Charges for simple electronic orders in Penny Pilot Options from $0.48 
per contract (in Penny Pilot options) and $0.70 per contract (in non-
Penny Pilot options) to $0.25 per contract in AAPL, BAC, EEM, FB, FXI, 
IWM, QQQ, TWTR, VXX and XLF will not impose an unnecessary or 
inappropriate burden on competition because the $0.25 assessed to Firms 
under this proposal is similar to rates offered by other options 
exchanges, chiefly MIAX ($0.25), Chicago Board Options Exchange ($0.35) 
and NYSE AMEX Options ($0.32).
    Specialists and Market Makers will be offered the opportunity to 
pay no fees, after they have satisfied the obligations related to the 
Monthly Market Maker Cap, in EEM, FXI, TWTR, VXX and XLF as well as in 
AAPL, BAC, FB, IWM and QQQ. As noted above Specialists and Market 
Makers have burdensome quoting obligations to the market that do not 
apply to Customers, Professionals, Firms and Broker-Dealers. 
Specialists and Market Makers serve an important role on the Exchange 
with regard to order interaction and they provide liquidity in the 
marketplace. Additionally, Specialists and Market Makers incur costs 
unlike other market participants including, but not limited to, PFOF 
and other costs associated with market making activities, which results 
in a higher average cost per execution as compared to Firms, Broker-
Dealers and Professionals. The proposed differentiation as between 
Specialists and Market Makers as compared to other market participants 
recognizes the differing contributions made to the trading environment 
on the Exchange by these market participants. Customer liquidity 
benefits all market participants by providing more trading 
opportunities, which attract Specialists and Market Makers. An increase 
in the activity of these market participants in turn facilitates 
tighter spreads, which may cause an additional corresponding increase 
in order flow from other market participants. For these reasons noted 
above, the Exchange does not believe that offering Specialists and 
Market Makers the opportunity to cap fees in certain symbols imposes an 
undue burden on competition.
    The Exchange operates in a highly competitive market, comprised of 
twelve options exchanges, in which market participants can easily and 
readily direct order flow to competing venues if they deem fee levels 
at a particular venue to be excessive or rebates to be inadequate. 
Accordingly, the fees that are described in the above proposal are 
influenced by these robust market forces and therefore must remain 
competitive with fees charged by other venues and therefore must 
continue to be reasonable and equitably allocated to those members that 
opt to direct orders to the Exchange rather than competing venues.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    No written comments were either solicited or received.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing rule change has become effective pursuant to Section 
19(b)(3)(A)(ii) of the Act.\25\
---------------------------------------------------------------------------

    \25\ 15 U.S.C. 78s(b)(3)(A)(ii).
---------------------------------------------------------------------------

    At any time within 60 days of the filing of the proposed rule 
change, the Commission summarily may temporarily suspend such rule 
change if it appears to the Commission that such action is: (i) 
Necessary or appropriate in the public interest; (ii) for the 
protection of investors; or (iii) otherwise in furtherance of the 
purposes of the Act. If the Commission takes such action, the 
Commission shall institute proceedings to determine whether the 
proposed rule should be approved or disapproved.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml ); or
     Send an email to rule-comments@sec.gov. Please include 
File Number SR-Phlx-2014-47 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-Phlx-2014-47. This file 
number should be included on the subject line if email is used. To help 
the Commission process and review your comments more efficiently, 
please use only one method. The Commission will post all comments on 
the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml 
). Copies of the submission, all subsequent amendments, all written 
statements with respect to the proposed rule change that are filed with 
the Commission, and all written communications relating to the proposed 
rule change between the Commission and any person, other than those 
that may be withheld from the public in accordance with the provisions 
of 5 U.S.C. 552, will be available for Web site viewing and printing in 
the Commission's Public Reference Room, 100 F Street NE., Washington, 
DC 20549, on official business days between the hours of 10:00 a.m. and 
3:00 p.m. Copies of such filing also will be available for inspection 
and copying at the principal offices of the Exchange. All comments 
received will be posted without change; the Commission does not edit 
personal identifying information from submissions. You should submit 
only information that you wish to make available publicly. All 
submissions should refer to File Number SR-Phlx-2014-47, and should be 
submitted on or before August 12, 2014.


[[Page 42572]]


    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\26\
---------------------------------------------------------------------------

    \26\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Kevin M. O'Neill,
Deputy Secretary.
[FR Doc. 2014-17154 Filed 7-21-14; 8:45 am]
BILLING CODE 8011-01-P


